Forex Card – Definition, Types, Contactless, Benefits, and More

Forex Card Definition

A forex card is your best friend on your abroad travels. It is the calmest way to carry foreign currency and pay for expenditures on your foreign trips.

Think of a forex card as a postpaid travel card that you can weigh with a foreign currency of your excellent. You can use a forex card like a credit or debit card to pay for your incidentals in a resident currency abroad. You can remove local cash from an ATM.

With it in your folder, you vital not carry wads of cash on your sightseeing trips in a new country. Forex cards consider one of the safest ways to have money on your international journeys.

Effortlessly pay for entry tickets, rail and bus pass, taxis, restaurant bills, shopping etc., with a swipe or an upsurge of your forex card.

What are the Types of Forex Card?

1. A forex card comes with two main variants–multicurrency forex cards and single currency cards.
2. A single currency card limits use, and you will incur higher cross-currency charges if you use it in another currency.
3. A multicurrency card like the HDFC Bank Multicurrency ForexPlus Card, for example, can travel with you anywhere you go. You can shipment it with up to 23 amounts of money and use it across the world.
4. You can also shuffle coffers from one currency to another whenever you need via prepaid NetBanking. For example, if you are visiting two countries with different currencies.
5. If you are a student, you can opt for the HDFC Bank ISIC Student ForexPlusCard, which works as a global student identity card. And an easy way to pay for your expenses.
6. Besides these, you can get specialized cards like the HDFC Bank Hajj Umrah Card (that caters to Hajj pilgrims’ unique forex needs).
7. HDFC Bank also offers the Regalia ForexPlus Card for frequent travellers. You load the card in USD, and you can seamlessly use it to pay in any currency around the world without incurring additional cross-currency charges.
8. The Regalia ForexPlus Card saves you the hassle of moving funds within your card from one currency to another.

What is a Contactless Forex Card?

• A contactless card lets you make expenditures for your purchases at retail outlets simply by waving or tapping at the payment mortal.
• It is a safer and more suitable way to pay because your card does not become essential to leave your hand.

What are the Benefits of a Forex Card?

• A forex card comes with several benefits. It’s an inexpensive way of carrying and paying in foreign currency internationally.
• It’s safer than cash, cheaper than other cards, and convenient as credit or debit cards.
• You can use it for various trips, and you get to enjoy special privileges and discounts wherever you go. To know more about forex card benefits, click here.
• Apply for it now and travel without the hassle of carrying cash!
• ForexPlus Card approvals are at the sole discretion of HDFC Bank Ltd. The information if in this item is general and for informational purposes only.
• It is not a supernumerary for specific advice in your circumstances.

How To Apply For Forex Card?

1. To apply for a Forex card, you must submit an Application-cum-Declaration form lengthways with a copy of your passport, tickets and visa.
2. You have to remit a quantity in Indian Rupees (equivalent to the amount you want in foreign currency) to the bank.
3. Once the transaction does, your card activate. The banks charge a minimal fee for issue Forex cards.
4. Likened to credit or debit cards, with a Forex card, the foreign exchange rates lock in on the transaction day. You will charge a currency wrike free version rate accordingly.
5. Compared to traveller’s cheque, Forex cards are suitable and cost-effective. Few people use traveller’s cheques because they not accept at most places and aren’t cost-effective.
6. IndusInd bank topics Forex card in many foreign amounts of money, including USD, Euro, Pound Sterling, Singaporean and Canadian Dollar, UAE Dirham, and Saudi Riyal.
7. You cannot refill the card at foreign locations. It’s sensible to inform your bank in advance and send off the essential documentation for reloading. If you have an unused balance on your card, you can encash it after you return.
8. If you have lost the card, directly inform the bank about the incident along with your site so that they can send you another card. It frequently takes 48 hours for the bank to dispatch another card.

Conclusion

Forex card is pre-loaded cards that you can use for making payments while you travel abroad. You can usage at shopping malls, pay for restaurant & hotel bills, and online shopping sites. Also, in some countries, the card accepts by taxi services.

You can load it with a single foreign currency or multiple foreign currencies. Multi-currency cards are valid for a few years and are useful for people who travel overseas regularly.

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